Wednesday, November 26, 2008

I hope our leaders are somewhat prepared for what is coming. PM Lee seems wildly optimistic at the beginning of the year compared with other leaders around the world. Just a few weeks ago, he was still urging others to "take a measured approach" to the crisis.

Jan 2008 PM Lee urges world leaders at WEF to 'think ASEAN' Mr Lee said that the economy of Vietnam, for example, is taking off. The Philippines has strengthened its public finances while Singapore is enjoying a strong momentum, riding on the regional growth as well as its own economic restructuring. Oil producers like Malaysia and Indonesia are also benefiting from high energy prices. Thailand, Mr Lee added, is enjoying strong exports while forming a new elected government. Laos, too, is benefiting from the strong global demand for commodities. ---

There's good reason to believe the PAP govt., by implication GIC and Temasek sharing the group think fallacy, underestimated the risk that was to unravel following the purchase of Merill, UBS, Citi.

I can't recall where I had read this so apologies if the facts aren't straight...

First where did the money for these purchase came from? Tony Tan himself has admitted in a frank interview (davos?), they had forseen the sub-prime crisis, having held the investment throughout the boom years saw fit to reduce the risk and realised the gains.

Now as you know the PAP, they absolutely hate sitting on a pile of case, it like holding a boiling pot to them, so as things got worst (after reaping the profits), Tony from GIC, which supposedly the risk adverse part of govt. investment arm, was feeling optimistic, went all in, and you think these things only happen in movies where the poker player just shove the stack of chips as a bet of no return. As the story goes, they lost big-time, they gambled YOUR money away.

PM Lee and MM Lee are wannabes for dressing up as "knowledgeable statesmen".

But in fact they are well known for merely shooting off their mouths without checking facts(reminds you Mee Siam Mai Hum) & of course shooting their own feet with this Lucky's revelation and the golden period.

What harshness? These are people paid millions by Singaporeans.Death to PAP.